Direxion's three-times long semiconductor ETF, SOXL, attracted nearly $7 billion in net inflows across July and the first two weeks of August, even as global chip stocks underwent a sharp correction from late June. SOXL stood at $111.16 on Aug. 24, down more than 60% from its previous peak of $302. The fund tracks the New York Stock Exchange Semiconductor Index, whose holdings include Nvidia, Micron Technology, AMD and Broadcom. Semiconductors remain the world's most crowded trade, although Bank of America's August global fund manager survey showed the share of investors favoring long global semiconductor exposure falling to 53% from a record 82% the previous month. Fidelity warned that the industry's roughly 40-month earnings cycle may be nearing a peak and that daily-reset leveraged products such as SOXL could amplify losses if the cycle turns. Goldman Sachs raised its forecasts for global wafer-fabrication equipment spending in 2026, 2027 and 2028 to $150 billion, $218 billion and $281 billion, respectively, arguing that an AI-driven semiconductor supercycle could continue through 2028. JPMorgan maintained a bullish view, saying the sector appeared attractive after its recent pullback.